Festival Waterfront Centre set to open during DSF

Dubai: Festival Waterfront Centre, the latest retail phase of the colossal $6.1 billion Dubai Festival City (DFC), is on the verge of opening its doors.

The new shopping centre will be attached to DFC's existing Festival Power Centre - a "big box" retail area which includes the likes of Ikea, Plug-Ins Electonix and HyperPanda. It will bring the total retail selling area at the Al Futtaim development to 2.1 million square feet.

DFC officials could not confirm the exact opening date of the new retail area, but said it will be during the "early stages" of the Dubai Shopping Festival, which begins on December 20.

"UK retail giant Marks and Spencer will be one of the first stores to start business and others will follow on "a progressive basis" until mid-2007 when DFC will be home to 450 shops as well as 90 restaurants and cafes.

The added retail space has raised concerns over whether expected demand will meet supply levels. Dubai already boasts an estimated 14 million square feet of shopping centre retail space in large scale malls centres such as Mall of the Emirates and Ibn Battuta Mall.

Projects including Emaar's Dubai Mall and Mall of Arabia in Dubailand is expected to raise the level to 40-45 million square feet in the next 4-5 years.

"As long as we don't get too much competition in one trading zone, we'll be okay to absorb the demand," said Phil McArthur, Al Futtaim's managing director for shopping centres and commercial real estate.

McArthur said the combined Power and Waterfront centres will draw more than 50-60,000 people a day when all stores and entertainment facilities are operational by summer 2007. The figure is expected to rise to 100,000 on national holidays and peak days

Favourtism denied

"We think 20-25 million people a year is a reasonable visitor number target in the second or third year of operations," he said. "This is a competitive business and we will be attempting to steal market share from other retail developments."

In addition to the largest M&S outside the UK, the list of major retailers will eventually include Toys 'R' Us, Aishti (a Lebanese luxury department store) and the UAE-based fashion accessories and cosmetics store Paris Gallery.

DFC leasing managers denied that Al Futtaim brands will be given the best retail areas and highlighted brands new to the UAE including Anne Klein, ABS, New Yorker and Sephora.

Hmmm, I think the UAE must do some homework before committing to these massive projects. Initial success in real estate and shopping centres doesn?t guarantee unprecedented growth in the future.
Jisam
London,UK

Al Futtaim rocks.
Js
Dubai,UAE

Yes it is good but it is also important to construct roads which are needed as soon as posible.
Shaheen
Dubai,UAE

It's good that Dubai is building for the future. Keep it up.
Ahmed
Dubai,UAE